Wow what can I say? It has been a very productive and interesting due diligence trip away with Walton group as they continue to strive to work alongside the absolute best in class in the US developers. My trip has started in Dallas Fort Worth there Walton group show us just how much they are respected within the sector in the US. Our next stop was Charlotte, North Carolina where we had a look at some fantastic new projects along with all of the ongoing projects that Walton Global are actively investing in. It’s very exciting time for our clients who are now getting regular updates to just how well the investments are going, along with what will be too very exciting projects that Walton Global are bringing out for our clients. What is very interesting to see out here it’s just how much land is still needed to create much needed homes for the US economy which helps drive some excellent investments that they offer.
It has been a very long trip and a very tiring trip and one that I’ve missed my little hooligans incredibly and it is so hard to be so far away from them and not have many opportunities to speak to them over zoom this is mainly because of the busy schedules that both of them hold And I’m very proud of them both working so hard on what they’re passions are at such a young age. Annabelle was lucky enough to perform in the newly renovated Real Madrid world for Step Up Academy where she got to perform on stage once again, which is her absolute passion throughout the time I’ve been away she’s also been rehearsing for the end of year show with DPA at the Dubai opera which I’m extremely excited to see her perform in. Jax has been equally busy with football matches basketball matches so much so that I even had a basketball net delivered to our Villa to help him practice. What has become another passion.
I can’t wait to get back to squeeze and both as it’s been far too long this time .
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May saw a rebound in stock markets as economic data, particularly out of the US, suggested a slowdown, and markets had digested their revised expectations of fewer rate cuts to happen in 2024 than had originally been anticipated. The MSCI World Index was up 3.5% at the end of May, reversing April’s decline and briefly surpassing it before a slight pull-back in the final week of the month.
May’s market update includes a brief commentary on the impact of elections on stock performance before looking at inflationary data from the US and the Eurozone. We also cover important data and market news from China, the UK, and Japan before rounding up some other relevant and interesting news items from the month.
Many clients have asked us recently about the election’s impact on stock market performance. This is best summarised by atomos, provided on their weekly market update from 24th May:
“Whilst equity returns are indirectly impacted by political actions, these actions are not the main determinant of how any company’s shares perform. Certainly, given an investment horizon of at least five years and, in many cases, much longer, short-term political decisions, especially when considered in the context of four-year terms for the US and up to five in the UK, should be understood as just one factor among many in a wider analysis of markets. In fact, research by Bloomberg has shown that average annual return is only marginally affected in political election years, and volatility has actually reduced in the period approaching and immediately after elections. This lends credence to the idea that the current political ‘noise’ in the US and UK election years is just that – noise.”
We, therefore, advise that it is better to always bear in mind the importance of being a long-term investor and not making knee-jerk reactions or short-term decision-making based solely on political factors of an election year. This is particularly notable in a year such as this one, where many elections are happening worldwide. The elections may have some impact, especially in the short term, but they are just one of many factors to be considered.
Written by Mario Volpi, Head of Brokerage at Novvi Properties
At No1 is Liwan, which is in Dubailand.
This is close to Dubai silicon oasis and it’s suitable for small families and singles
1 bedroom apartments start around 30,000 dirhams
2 beds from AED 44,000
and 3 beds start at AED 58,000.
In second place is Deira.
studios start from AED 25,000-35,000
1 beds from 35,000-45,000,
3rd place is Discovery Gardens.
A studios start from AED 25,000-35,000 and a 1 bedroom starts at AED 35,000-50,000
4th is international city
5th is Muhaisnah,
6th is Warsan,
7th is Dubai south
8th Dubai investment Park
9th Bur Dubai
10th is JVC
The most expensive places to rent in Dubai
currently the most expensive area is Bluewater Island,
1 bedrooms start at AED 310,000
2 beds at AED 495,000 and 3 beds AED715,000
Dubai Harbour is the second most expensive area.
1 bedrooms start at AED163,000,
2 beds are from AED 269,000 and
3 bedrooms from AED 475,000
in 3rd place is Palm Jumeirah
studios here start from AED110,000,
1 bedrooms from AED165,000
2 bedrooms are at AED245,000 and
3 bedrooms just over AED310,000.
All these statistics are for apartment prices, because if we look at villas, the palm would come out on top followed by Al Barari in Dubailand and in close 3rd would be Emirates Hills.
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UAE: How to collect end-of-service benefits after leaving the Emirates Answer: In the UAE, an employer needs to pay the end-of-service benefits of an employee within 14 (fourteen) days of his or her last working day. Article 53 of the Federal Decree Law No 33 of 2021 on the Regulation of Employment Relations, states, “The employer shall pay the employee within (14) fourteen dates after the expiry of the contract, all his salary and other entitlements provided for in this Decree-Law and its implementing resolutions, the contract or the establishment bylaws.” |
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Taiwan, the world’s semiconductor powerhouse, is facing a power crunch — and this could spell trouble for chipmakers.
Manufacturing chips requires a lot of energy and electricity, and the government is struggling to meet the island’s energy needs.
“Concerns over potential power shortages and the deterioration of power quality and reliability could pose operational risks for the semiconductor industry,” Chen Jong-Shun, assistant research fellow at Chung-Hua Institution for Economic Research, told CNBC.
There were three major outages in Taiwan in the past seven years, and the island has experienced a slew of smaller disruptions in the past year.As recently as April, in Northern Taiwan alone, multiple power shortages were recorded over three days, according to local reports.
In 2022, there were 313 power outage incidents. A big power outage that year affected more than 5 million households, while another massive blackout in 2017 hit almost 7 million households.
“Taiwan has both an energy crunch and, even more importantly, an electricity crunch,” said Joseph Webster, senior fellow at the Atlantic Council’s Global Energy Center.
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The Fidelity Weekly Market Review
Monday 10th June 2024
We hope you enjoy the forthcoming Eid al-Adha public holiday. Our next weekly update will be issued on Monday 24th June.
America’s economy added 272,000 jobs in May, up from a revised figure of 165,000 for April, and far higher than expectations. The unemployment rate rose from 3.9% to 4%, its highest level since January 2022. Average hourly wages increased by 0.4% on the month and were 4.1% higher than a year ago.
The Institute for Supply Management reported that US manufacturing activity contracted more than expected in May, putting further pressure on the sector. Additionally, the survey’s price gauge rose less than anticipated.
Earlier in the week, the Bank of Canada became the first G7 central bank to cut interest rates in this cycle, lowering its policy rate from 5% to 4.75%. Inflation has fallen to 2.7% from a peak of 8.1% in 2022. Soon after the European Central Bank reduced its three key interest rates by 0.25% for the first time since 2019, in line with market expectations. However, the projections for both headline and core inflation for the remainder of this year and into 2025 were revised upwards, as domestic price pressures remain elevated.
Click here to read why we believe that European policymakers are likely to cut interest rates again this year, even though the risks to the economic outlook and to the euro’s value have faded.
India’s stockmarket, which became the world’s fourth largest earlier this year, swung wildly in the wake of a surprise election result that saw Narendra Modi’s Bharatiya Janata Party lose its majority. Having reached a record high after exit polls forecast a landslide for the BJP, the benchmark BSE Sensex fell by 6% once the results were announced.
Mexican shares also dropped after Claudia Sheinbaum won the presidency by a bigger-than-expected margin. Investors worried that her majority would allow her to change the constitution, eroding checks and balances.
Nvidia’s market capitalisation soared past $3 trillion, leading it to overtake Apple as the world’s second biggest company. The company unexpectedly unveiled its new generation of artificial-intelligence processors, which it will begin shipping in 2026, at a conference in Taiwan.
OPEC+ agreed to prolong cuts to oil output to shore up prices amid weakening global demand. The oil cartel and its allies had promised to cut production in 2024 by 5.9 million barrels per day, or 5.7% of global demand.
A private survey revealed that Chinese manufacturing activity expanded at the fastest pace in almost two years in May, contradicting the official data released last week, which indicated a surprise contraction.
